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Dec 27, 2016 10:24 AM EST

How To Manage Your Finances While in College [Video]

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You might be a college freshman, a senior, or somewhere in between. Regardless of your year level in college, it is best that you learn or re-learn the best ways on managing your finances this incoming year. It is most probable that you are taking responsibility of your personal financial affairs compared to when you are still living with your parents. Here are the best ways on how college students can make the best out of their finances.

Create a monthly budget

As a college student, you are taking charge of your daily expenses as well as your college tuition, miscellaneous fees, and other incidental expenses. With this, you need to see an overview on your daily and monthly expenses, as recommended by Money Crashers.

You must enumerate your sources of income. These include wages, savings, and parental allowances. List down your monthly expenses. You can include personal care items, school supplies, laundry costs, or food. You can use Buddi as a free personal finance management tool that allows you to create and stick to a budget.

Use credit cards properly

In an August 2016 survey by Statistic Brain, 39% of freshmen have credit cards. It is a good thing to build your credit reputation during college. Your credit score is significant when it comes to applying for a lease in an apartment or purchasing a vehicle. However, college students often pile up with huge amounts of credit while in college. You should know the difference between credit building and overextending, in a commentary in US News.

Manage your student loan

Data shows that the U.S. has a $1.2 trillion college student loans as of 2016. (Miss Cookie, kung mapublish yong student loan article ko, I hyper-link ko ni ang college student loans ko, thanks). You can manage this by finding a part-time job.

Being a college student has its own set of challenges that you might find difficult. This includes your finances. With these three tips, you can have a better financial situation during college.

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